Coin Launches Thai Exchange, Expands Footprint in Asia

One of the world’s leading cryptocurrency exchanges, Coin has officially opened a cryptocurrency exchange in Thailand, according to Reuters.

The exchange, called Gulf Binance, is a joint venture between Binance and IT and digital marketing services provider Gulf Innova. It aims to provide Thai users with a platform to buy and sell digital assets in local currency pairs.

Gulf Binance begins operations

Gulf Binance reportedly received an operating license from Thailand’s Ministry of Finance in May 2023, followed by approval to provide digital asset trading services. Bitcoin mining

The launch of Gulf Binance marks the latest addition to the growing number of cryptocurrency exchanges in Southeast Asia, where the likes of Coinbase, Zipmex, and Gemini have already established their presence.

In a statement, Gulf Binance CEO Nirun Fuwattananukul expressed gratitude for the opportunity to announce the launch of a local platform in Thailand.

Fuwattananukul emphasized the close cooperation with Thai regulators over the past year and the careful planning of the venture.Fuwattananukul further emphasized Gulf Binance’s commitment to security, transparency, and quality of service as it begins operations in Thailand.ETC Miner 

Richard Teng, CEO of Gulf Binance, also shared his thoughts on the development, emphasizing Thailand’s strategic importance in the global digital finance landscape. Teng emphasized the transformative power of blockchain technology and digital assets in promoting financial inclusion.

The establishment of Gulf Binance in Thailand is an important milestone for both Coin and the Thai cryptocurrency market. With the formation of the joint venture, Thai investors now have access to a secure and regulated cryptocurrency trading platform that enables them to participate in the global digital asset ecosystem.

Cryptocurrency Exchange OKX Receives License in Dubai

Following in the footsteps of Coin, cryptocurrency exchange OKX has received a Dubai regulatory license allowing it to offer retail crypto services.

The Dubai Virtual Assets Regulatory Authority (VARA) granted OKX Middle East a Virtual Asset Service Provider (VASP) license specifically for trading services. This regulatory approval will enable OKX to offer spot and spot matching services to qualified retail and institutional clients.

The United Arab Emirates (UAE) has been positioning itself as a global hub for the cryptocurrency industry, and VARA was established in March 2022 to regulate Dubai’s burgeoning virtual asset industry in line with this vision.

Rifad Mahasneh, General Manager of OKX’s Middle East and North Africa (MENA) region, expressed his enthusiasm for the regulatory license, describing it as a game changer for OKX.

Mahasneh emphasized the importance of the license for targeting retail and institutional clients in the UAE, enabling them to seamlessly deposit and withdraw funds in local currencies.Mahasneh further stated that OKX is actively working with VARA to meet the remaining conditions and expects to launch the service in the coming weeks.

Coin has also been granted a license to conduct certain operations in Dubai in 2022. This highlights the growing interest of major players in establishing operations in the UAE and capitalizing on the region’s potential as a booming cryptocurrency market.